Saudi Arabia’s state oil giant Saudi Aramco is going to sell a 1.5% stake in its company on Riyadh’s stock exchange.
That’s according to documents released on Sunday by the company.
The company says it will have 200 billion regular shares. A 1.5% stake in the company would be around 3 billion shares.
It put the price range of its stock up to 32 Saudi riyals, or $8.50. That 1.5% stake, at that top price, would raise as much as 104 billion Saudi riyals, over $27.7 billion.
Its low-end range was 30 Saudi riyals, or $8. That 1.5% stake, at that price, would raise as much as 90 billion Saudi riyals, about $24 billion.
That would put the overall valuation of the company between $1.6 trillion and $1.7 trillion.